D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported that net income for its third fiscal quarter ended June 30, 2012 increased to $787.8 million, or $2.22 per diluted share. The quarterly results included a non-cash tax benefit of $716.7 million from a reduction of the Company’s valuation allowance for its deferred tax asset. Net income for the same quarter of fiscal 2011 was $28.7 million, or $0.09 per diluted share. Homebuilding revenue for the third quarter of fiscal 2012 increased 14% to $1.1 billion from $975.4 million in the same quarter of 2011. Homes closed in the quarter increased 9% to 4,957, compared to 4,555 homes in the year ago quarter.
For the nine months ended June 30, 2012, net income increased to $856.2 million, or $2.47 per diluted share. The nine-month results included a non-cash tax benefit of $716.7 million from a reduction of the Company’s valuation allowance for its deferred tax asset. Net income for the same period of 2011 was $36.0 million, or $0.11 per diluted share, which included a tax benefit of $57.8 million. Homebuilding revenue for the nine months ended June 30, 2012 increased 19% to $2.9 billion from $2.5 billion in the first nine months of fiscal 2011. Homes closed in the nine-month period increased 14% to 13,315 homes, compared to 11,708 homes in the same period of fiscal 2011.
Net sales orders for the third quarter ended June 30, 2012 increased 25% to 6,079 homes from 4,874 homes in the year ago quarter and the value of net sales orders increased 32% to $1.4 billion from $1.1 billion. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the third quarter of fiscal 2012 was 23%. Net sales orders for the first nine months of fiscal 2012 increased 20% to 15,772 homes from 13,180 homes in the first nine months of fiscal 2011, and the value of net sales orders increased 27% to $3.5 billion from $2.8 billion.
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